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More than 1.5 million transactions on 25 blockchain networks are executed every month using the Inter-Blockchain Communication protocol. But what is this disruptive protocol?
Basically, the Cosmos ecosystem has envisioned creating a network of independent chains that can communicate in a decentralized manner with each other. To reach this goal, the Inter-Blockchain Communication or IBC protocol was created.
The IBC protocol is an open-source protocol for sending data between blockchains without using an independent third party, like a cross-chain bridge. Data is sent through a dedicated channel by a trustless relayer, which are central hubs enabling two-way interoperability. Data is then authenticated once it reaches the destination chain.
Shared interoperability is very important, particularly in the Cosmos ecosystem. IBC’s shared interoperability has enabled Superfluid Staking on Osmosis, a DEX in the Cosmos ecosystem. This lets you earn staking and liquidity rewards simultaneously without having to compromise security. You can learn more about Superfluid Staking in our Osmosis short video.
It will be interesting to see how IBC can improve blockchain communication in the future and help Cosmos stand out from the rest of the pack!